(1 September 202 6 – Global) A consortium of major global banks, including Citi, Lloyds, MUFG, Wells Fargo, Goldman Sachs, and Deutsche Bank, has committed to establishing a new stablecoin company before the end of 2025.
The group has expanded significantly since it was first revealed in October 2025, with BBVA, Capital One, Commerzbank, Crédit Agricole, Fidelity Investments, Lloyds Banking Group, PNC Financial Services, Rabobank, Scotiabank, Standard Bank, and WisdomTree among the new additions. Barclays and BNP Paribas have since departed the group.
The as-yet-unnamed venture intends to operate globally, with an initial focus on a USD-denominated stablecoin targeting a first-half 2027 market launch. The longer-term ambition is to extend issuance to additional G7 currencies, with a euro-denominated offering identified as the priority. The stablecoin will be reserve-backed at 1:1 and available on public blockchains, designed for use across wholesale, institutional, and retail markets — including cross-border payments and digital asset settlement.